Regulatory documents show that World Heart had a $25 million offer from Heartware last year, just before the company cut nearly all its staff amid sagging fortunes. MassDevice takes a quick look behind the deal for the Salt Lake City, Utah, ventricular assist device maker.
In the heat of the summer 2011, officials at World Heart Corp. were scrambling to keep a deal with HeartWare International alive.
Last June, company officials at World Heart watched a $25 million initial non-binding offer from Framingham, Mass.-based Heartware dissolve during due diligence. The company was backing off over uncertainties with Salt Lake City-based World Heart's flagship Levacor ventricular assist device program, which was still languishing in a stalled clinical trial with the FDA.
By the end of July, World Heart had cut its staff in half and tabled the Levacor program, but managed to keep talks with Heartware alive.